Which of the following is the best indicator of standard of living?
A) nominal GDP
B) real GDP
C) real GDP per capita
D) productivity per unit of capital
E) productivity per unit of labor

Question

Quizplus · Accepted Answer

Real GDP per capita takes into account the size of the population, giving a more accurate reflection of the standard of living of the average person in a country. Nominal GDP and real GDP do not account for population growth, making them less accurate measures of standard of living. Productivity per unit of capital and labor are important indicators for economic growth, but not necessarily for standard of living.

Which of the Following Is the Best Indicator of Standard